Hindsight Markets Recaps Small-cap stocks on September 9, 2026
FGL, September 9: a gap that faded
FGL opened up 16%, then faded below its open by the close.
What happened
Before the open
We found no news or filing before the move. Before the bell it reached $15.00, on 1.7M shares.
The open
It opened up 16%, at $8.75.
The close
It closed at $6.79, 55% under its high.
What to take from it: A big gap is not a trend. This one traded below its open by the close.
The details
How it traded, step by step
Gap and fade. It gapped up 15.6% to $8.75 at the open and traded below the open by 4:00 p.m., at $6.79.
| Time (ET) | What happened |
|---|---|
| 4:07 a.m. | First trade 20% above the previous close of $7.57 |
| 4:09 a.m. | Pre-market high, $15.00 |
| 4:09 a.m. | Volume since 4:00 a.m. passes the whole float, 48,978 shares |
| 4:09 a.m. | High of the day to the close, $15.00 |
| 9:30 a.m. | The open: $8.75, up 15.6% from the previous close |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $6.79, 54.7% below the high |
The shape's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $7.57
- Open, 9:30 a.m.
- $8.75
- Gap at the open
- +15.6%
- Pre-market high
- $15.00 at 4:09 a.m.
- High, 4 a.m. to 4 p.m.
- $15.00 at 4:09 a.m.
- Low, 4 a.m. to 4 p.m.
- $5.93
- Close, 4 p.m.
- $6.79
- Change at 4 p.m.
- −10.3%
- After-hours high, 4 p.m. to 8 p.m.
- $6.94 at 4:00 p.m.
- Volume, 4 a.m. to 4 p.m.
- 2.02 million
- Volume after hours, 4 p.m. to 8 p.m.
- 35,816
- Relative volume by 8 p.m.
- 20.7×
- Float
- 48,978 shares, from filings as of September 9, 2026
- Shares outstanding
- 75,555
- Volume, from the one-minute bars: 1.71 million shares before the 9:30 a.m. open (83%), 89,410 in the first 30 minutes (4%), and 251,931 in the rest of the day to 8 p.m. (12%).
- Float rotation, the volume since 4 a.m. against the float of 48,978 shares: past it once at 4:09 a.m., twice at 4:10 a.m., three times at 4:11 a.m.
- Other days FGL met the small-cap rule in our recaps: 6, the latest on October 26, 2026.
On the day's lists: the pre-market gappers, intraday runners. It is here because it met the small-cap rule on the pre-market gappers: price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (none)
The exchange's halt feed shows no halts for FGL that day.
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
Analysis
Written by AI from the facts above and checked against them, number by number. A reading of the price action, not advice.
FGL spiked in the first minutes of pre-market, with its first trade at 20% above the previous close and a high of 15.00 at 4:09 a.m. That same minute, volume since 4:00 a.m. passed the entire float of 48,978 shares, and 1.71 million shares traded before the 9:30 a.m. open. The opening print of 8.75 was already far below that peak, up 15.6% from the previous close, and the stock drifted lower from there with no halts and no news behind it. It touched a low of 5.93 and finished at 6.79, down 10.3% on the day and 55% under its high. Only 89,410 shares changed hands in the first 30 minutes, so the opening gap drew little follow-through.
Trade this day
Replay FGL on September 9, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.